Benardairo98
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State Farm Insurance License Exam
Abandonment Condition - Correct answer-A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Accident - Correct answer-A loss that occurs at a specific time and place Actual Cash Value (ACV) - Correct answer-Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admitted insurer; authorized insurer - Correct answer-Company...
- Exam (elaborations)
- • 10 pages •
Abandonment Condition - Correct answer-A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Accident - Correct answer-A loss that occurs at a specific time and place Actual Cash Value (ACV) - Correct answer-Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admitted insurer; authorized insurer - Correct answer-Company...
State Farm Estimatics Test
Removal of shingles correct answer estimate for the actual number of squares (not square feet). No estimating or rounding Replacement of shingles correct answer a) Include waste in the calculation -10% - Composite -15% - wood b) Round up to the nearest bundle -Assume 3 bundles per SQ for composite shingles -Assume 4 bundles per SQ for wood
- Exam (elaborations)
- • 10 pages •
Removal of shingles correct answer estimate for the actual number of squares (not square feet). No estimating or rounding Replacement of shingles correct answer a) Include waste in the calculation -10% - Composite -15% - wood b) Round up to the nearest bundle -Assume 3 bundles per SQ for composite shingles -Assume 4 bundles per SQ for wood
State Farm Estimatics
which of the following refers to being restored to the financial condition you were in before a loss? - Correct answer-indemnification Mark incurred $8,000 in damage to his car in an accident. he received 8000$ from his insurance company and $4,000 from the other driver. by receiving a profit from the loss, Mark is in violation of
- Exam (elaborations)
- • 22 pages •
which of the following refers to being restored to the financial condition you were in before a loss? - Correct answer-indemnification Mark incurred $8,000 in damage to his car in an accident. he received 8000$ from his insurance company and $4,000 from the other driver. by receiving a profit from the loss, Mark is in violation of
State Farm State Test
State Farm State Test Insurance producer Correct Answer: An individual or an entity authorized in writing by a lawfully qualified insurance compnay to transact, negotiate or effect contracts of insurance of behalf of that insurance company. Resident Producer Correct Answer: Any person that lives in kansas and is licensed to transact insurance business for at least one insurer.
- Exam (elaborations)
- • 4 pages •
State Farm State Test Insurance producer Correct Answer: An individual or an entity authorized in writing by a lawfully qualified insurance compnay to transact, negotiate or effect contracts of insurance of behalf of that insurance company. Resident Producer Correct Answer: Any person that lives in kansas and is licensed to transact insurance business for at least one insurer.